Are the boom times back as competition heats up for top traders? December 19, 2013 European investment banks are set to increase the hiring of stock traders in 2014 on the back of a rallying stock market and stable Eurozone, according to the head of Barclays European equities. Jonathan Beebe said in an interview: Most of the restructuring in equities has happened. Revenue growth this year is around 10 percent [...]
City’s Christmas parties have lost their sparkle December 18, 2013 NO ONE could deny Christmas is in full swing – drunken revellers are falling out of pubs in festive onesies, the Tube has a whiff of Baileys, and Boots has all but sold out of Alka-Seltzer. But for the City, Christmas isn’t the same as it used to be – extravagance is outlawed and the parties, [...]
Best of the Brokers for 19 December 2013 December 18, 2013 To appear in Best of the Brokers, email your research to notes@cityam.com MERLIN ENTERTAINMENTS Barclays has initiated coverage of the entertainment company with an “overweight’ rating and a 390p price target. Past growth secured by strong brands in an expanding segment convinced the analysts that the company could deliver long-lasting results. PETROPAVLOVSK Cannacord Genuity reiterates [...]
Diamond backs new venture with own cash December 17, 2013 BOB DIAMOND’S latest venture raised $325m (£200m) from investors yesterday, around $100m more than initially expected. The former Barclays boss has stumped up $16m of his own cash, invested through a company he owns, to set up Atlas Mara. He has joined forces with African billionaire Ashish Thakkar, who has also provided $4m of funding. [...]
Debenhams demands a little help from its suppliers (again) December 17, 2013 SUPPLIERS to Debenhams got a nasty shock yesterday when the retail giant wrote to them asking for a contribution to the group’s recent investment programme. It’s not the first time they have been asked for extra support. Earlier this year they were asked to extend payment terms from 90 to 120 days. In the latest [...]
Best of the Brokers for 18 December 2013 December 17, 2013 To appear in Best of the Brokers, email your research to notes@cityam.com ASOS Panmure Gordon has downgraded the online fashion store from a buy to a hold rating,but as increased its target price from 5,950p to 6,126p. After a 124 per cent rise in the share price this year, Panmure thinks this momentum is unsustainable, [...]
Standard Chartered would do better being more upfront December 16, 2013 BEFORE and during the financial crisis, which rocked so many banks to their foundations, Standard Chartered could seemingly do nothing wrong. While their rivals dodged in and around write-downs, rescue rights issues and increased impairment charges, the stock of both chief executive Peter Sands and his ebullient finance director Richard Meddings rose sky-high. So highly [...]
City Moves for 17 December 2013 | Who’s switching jobs December 16, 2013 Conning Asset Management The investment management company has appointed Ben Hamilton as a portfolio manager in its London team. He was previously an assistant investment manager and research analyst for fixed income and multi-asset funds at Premier Asset Management. State Street Global Advisors State Street’s asset management business has appointed Mark Fortier as managing director, [...]
Best of the Brokers for 16 December 2013 December 15, 2013 To appear in Best of the Brokers, email your research to notes@cityam.com BARCLAYS Numis has raised the bank’s rating to “hold” with a 274p target price. The analyst said the forecast reductions reflect potentially weak fourth quarter revenue from fixed income and currencies as well as deleveraging, but some of the uncertainty has already been [...]
London Week Ahead: UK’s Christmas gift of boost to GDP and jobs December 15, 2013 FURTHER evidence that the recovery is gaining traction is expected this week with inflation figures and the release of the employment rate, which may top 30m for the first time ever. While the inflation rate, measured by the consumer prices index (CPI), is forecast to remain at 2.2 per cent – the lowest since September [...]